Date |
General Journal | Debit | Credit |
4-Jun | Accounts receivable—N. Morris | 650 | |
Sales | 650 | ||
4-Jun | Cost of goods sold | 400 | |
Merchandise inventory | 400 | ||
5-Jun | Cash | 6,693 | |
Credit card expense | 207 | ||
Sales | 6,900 | ||
5-Jun | Cost of goods sold | 4,200 | |
Merchandise inventory | 4,200 | ||
6-Jun | Accounts receivable—Access | 5,733 | |
Credit card expense | 117 | ||
Sales | 5,850 | ||
6-Jun | Cost of goods sold | 3,800 | |
Merchandise inventory | 3,800 | ||
8-Jun | Accounts receivable—Access | 4,263 | |
Credit card expense | 87 | ||
Sales | 4,350 | ||
8-Jun | Cost of goods sold | 2,900 | |
Merchandise inventory | 2,900 | ||
10-Jun | No journal entry required | ||
13-Jun | Allowance for doubtful accounts | 429 | |
Accounts receivable—A. McKee | 429 | ||
17-Jun | Cash | 9,996 | |
Accounts receivable—Access | 9,996 | ||
18-Jun | Cash | 637 | |
Sales discounts | 13 | ||
Accounts receivable—N. Morris | 650 |
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Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 2.5% service charge for sales on its credit card. Access deducts a 1.5% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $300) to Natara Morris. 5 Sold $8,000 of merchandise (that had cost $4,000) to customers who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Zisa or Access. Zisa deducts a 5.0% service charge for sales on its credit card. Access deducts a 4.0% service charge for sales on its card. Mayfair completes the following transactions in June. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris. 5 Sold $8,600 of merchandise (that had cost $3,440) to customers who...
Mayfair Co. allows select customers to make purchases on credit. Its other customers can use elther of two credit cards: Zisa or Access. Zisa deducts a 5.5 % service charge for sales on its credit card. Access deducts a 4.5% service charge for sales on its card. Mayfair completes the following transactions In June 4 Sold $500 of merchandise on eredit (that Sad coat $200) t0 Natara Morria terma n/30. S Sold $9,700 of merchandiee (that had cOst $3,880) o...
Chapter 7 Problems i Saved Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 2.5 points 4 Sold $800 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,600 of merchandise (that had cost $3,300) to customers who used their Zisa cards. Zisa charges a 4.0% fee. 6 Sold $6,014 of merchandise (that had cost $3,007) to cus o used their Access cards. Access charges a 3.0% fee. 8 Sold...
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are deposited. Archer deposits the Commerce Bank credit card receipts each business day. When customers use the Aztec card, Archer accumulates the receipts for several days and then submits them to...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $650 of merchandise on credit (that had cost $400) to Natara Morris, terms n/15. 5 Sold $6,900 of merchandise (that had cost $4,200) to customers who used their Zisa cards. Zisa charges a 3% fee. 6 Sold $5,850 of merchandise (that had cost $3,800) to customers who used their Access cards. Access charges a 2% fee. 8 Sold $4,350 of merchandise (that had cost $2,900)...
Mayfair Co. completed the following transactions and uses a perpetual inventory system. June 4 Sold $600 of merchandise on credit (that had cost $240) to Natara Morris, terms n/15. 5 Sold $9,400 of merchandise (that had cost $3,760) to customers who used their Zisa cards. Zisa charges a 3.5% fee. 6 Sold $5,764 of merchandise (that had cost $2,306) to customers who used their Access cards. Access charges a 2.5% fee. 8 Sold $4,990 of merchandise (that had cost $1,996)...
Question 3 (30%) White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and...
Levine Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Suntrust Bank Card, Levine receives an immediate credit to its account when it deposits sales receipts. Suntrust assesses a 4% service charge for credit card sales. The second credit card that Levin accepts is Continental Card. Levin sends its accumulated receipts to Continental on a weekly basis and is paid by Continental a week later. Continental assesses a 2.5% charge...
White Company allows customers to make purchases on credit. The terms of all credit sales are 2/10, n/30, and all sales are recorded at the gross price. Other customers can use a bank credit card where the bank deducts a 4% service charge for credit card sales and credits the bank account of White immediately when credit card receipts are deposited. White uses the perpetual inventory method. Prepare journal entries to record the following selected transactions and events. June 10...